September 11, 2013, Canton, MA- Erica Lynn Yoga in Canton received a $10,000 loan from SEED under the SBA Micro Loan Program to assist in the expansion of Erica Nunnally’s yoga business in Canton. The loan will create one new job. The lending team from SEED was Tamarah Bacon, Laurie Driscoll and Lindsey Williams.
“Working with SEED’s friendly and accessible staff made the loan process very easy,” stated Erica Nunnally, owner of Erica Lynn Yoga. “SEED treated me like a person with the drive and desire to build an amazing business. I know that a partnership built on mutual respect is one that is built to last.”
Erica has owned and operated her yoga business since 2008. She provides instruction and training for private and group yoga sessions, Reiki, and yoga retreats. Her classes are held at a number of studios located south of Boston such as The Center at Westwoods in Westwood, Firefly Yoga in Foxboro, Milton Yoga in Milton, and Inner Strength Studios in West Roxbury. For more information, visit her website at www.ericalynnyoga.com.
Under the SBA 504 Program, SEED can provide up to 40 percent of the financing needed behind a bank for the purchase of buildings and equipment with a life of 10 years. SEED’s portion can range from $120,000 to $5 million for most small businesses, and $5.5 million for manufacturing businesses, at a fixed interest rate below market for 20 years, currently 5.72 percent.
SEED can also lend up to $200,000 for working capital and other uses. The term on the loans is up to 10 years with longer repayment periods, if necessary. Interest rates range from 5 percent to 6 percent fixed depending on whether there is bank participation.
SEED Corporation is a non-profit economic development organization certified in 1982 by the U.S. Small Business Administration. SEED is also a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury. Under various programs, SEED makes loans from $1,000 up to $5.5 million to assist small businesses to grow and create jobs throughout the region.
For more information about the SBA 504 Program and other SEED loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.
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